noahbenjamin | Window Shopper |
11/1/2013 - 9:25 am

It's difficult to answer that question without more specifics. The most vital
information you require includes the following:

1. Banks require a minimum of 20% of the purchase price (or 30% for a
restaurant purchase) as down payment/owner injection;
2. Identify collateral to secure the requested loan (SBA doesn't necessary
preclude a loan approval if there is a shortfall of collater);
3. Must possess some experience in the business being acquired OR employ
management that has experience;
4. Good credit score - no less than a 650 FICO score.

Though there are also online lenders that will get you quick small business
funding without much trouble. The game is to find one that suits your small
business needs well.

JGabriel | Community Moderator |
4/19/2013 - 1:05 pm

&nbsp;
As PrincipisCapital stated, SBA doesn&#39;t loan money directly to small business owners; instead, SBA can help facilitate a loan for you with a third party lender, guarantee a bond, or help you find venture capital. Here&#39;s what you need to know about SBA&#39;s role in the loan process.&nbsp;Only your banker can tell you for certain whether you can qualify for a loan.&nbsp;

PrincipisCapital | Window Shopper |
4/15/2013 - 12:21 pm

The SBA doesn't loan directly, they're a resource for finding money. But here
are a few questions: do you currently operate a business or are you looking
to start one? Do you accept credit cards? Have you been in business for more
than 8 months? If so, we are able to help you.